The U.S. Department of Housing and Urban development (HUD) recently awarded grants of $318 million to help California communities address the foreclosure crisis. This critical investment will help communities in our state to fight blight, renovate thousands of homes, and then make sure the homes are used by families in need of safe, affordable housing.
I am very pleased that the Neighborhood Housing Services of Orange County will receive a grant of $7,500,000 as part of this award.
These grants, funded by the American Recovery and Reinvestment Act (H.R.1) through the Neighborhood Stabilization Program, will be used to acquire land and property, rehabilitate or demolish abandoned properties, and offer down-payment and closing-cost assistance to low- and middle-income homebuyers.
The Neighborhood Stabilization funds are targeted at areas with the greatest number and percentage of home foreclosures. When the Senate passed the Recovery Act, I fought to include language that directs Neighborhood Stabilization Program grants to the areas hardest hit by foreclosures, including many California communities. The $318 million being sent to California represents 16.5 percent of the $2 billion in Neighborhood Stabilization Program grants awarded nationwide this month.
These investments will help to protect and revive communities throughout our state. You can count on me to keep working to bring more federal dollars to Californian as we continue to recover from the housing crisis and recession.
Sincerely,
Barbara Boxer
United States Senator
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